THE Maharlika Investment Fund has secured a 'foothold' in National Grid Corp. of the Philippines (NGCP), Malacañang announced on Monday, via a deal that will give it two board seats in the privately-owned firm that runs the country's power network.
THE Maharlika Investment Fund has secured a 'foothold' in National Grid Corp. of the Philippines , Malacañang announced on Monday, via a deal that will give it two board seats in the privately-owned firm that runs the country's power network.State-owned Maharlika Investment Corp. , which manages the sovereign wealth fund, will be buying a 20-percent stake in holding firm Synergy Synergy Grid and Development Philippines Inc. , which has a 40.2-percent stake in NGCP .'Synergy .
Consing said that 'once the acquisition is completed, we shall be entitled to two out of nine seats in the SGP board after the total seats are increased from seven to nine.''At NGCP, the government gains representation through two out of 15 board seats, following an increase in the total seats from 10 to 15,' he added.SGP, which is listed on the Philippine Stock Exchange , had yet to disclose the deal as of press time. Its shares closed down P1.02, or 8.5 percent, to 10.
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